December 21, 2019
The September 2019 Odessa Economic Index — the economic metric for the West Texas City — declined for the second straight month, ending up at 269.7, down from the 269.8 in August 2019. However, according to economist Karr Ingham, the metric is up 5.1% from the September 2018 OEI of 256.5.
Ingham noted that slowdown in oil and gas activity is exerting its influence on the Odessa general economy. General spending growth is down. And, while the metro continues to add jobs, job growth continues to narrow. Hotel/motel revenue continues to fall, though existing home sales remain at record levels.
Ingham noted that the economy is transitioning from growth to mild decline. However, crude oil prices have stabilized, rather than continuing their decline, which is “what differentiates the current slowdown from the previous two contractions,” Ingham said.
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